DoorDash Reports 27% Order Growth but GAAP Net Income Dips 5% in Q1 2026
Event summary
- DoorDash reported Q1 2026 revenue of $4.0 billion, up 33% year-over-year, with total orders increasing 27% to 933 million.
- GAAP net income attributable to common stockholders decreased 5% year-over-year to $184 million.
- Adjusted EBITDA increased 28% year-over-year to $754 million, but net revenue margin declined to 12.8% from 13.1%.
- U.S. restaurant category growth slowed slightly compared to Q4 2025, while international growth, excluding Deliveroo, decelerated.
- DoorDash expects Q2 2026 Marketplace GOV to range from $32.4 billion to $33.4 billion and Adjusted EBITDA between $770 million and $870 million.
The big picture
DoorDash's Q1 2026 results highlight the tension between aggressive growth and profitability. While the company continues to expand its user base and service offerings, the decline in GAAP net income and slowing growth in key markets signal potential challenges ahead. The integration of Deliveroo and investments in a global technology platform are critical to DoorDash's long-term strategy, but execution risks remain high.
What we're watching
- Integration Challenges
- How DoorDash will manage the ongoing integration of Deliveroo while maintaining growth momentum in its core U.S. market.
- Profitability Pressures
- Whether DoorDash can sustain its adjusted EBITDA growth amid declining net revenue margins and increasing operational costs.
- Consumer Engagement
- The pace at which DoorDash can drive higher sales to its merchant partners through expanded services like Digital Ordering and Reservations.
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